{"F": {"ts_code": "300136.SZ", "name": "信维通信", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "消费电子", "sw3": "消费电子零部件及组装", "ind": "消费电子", "fin_source": "tushare", "market": "创业板", "list_date": "20101105", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 56.18, "pe_ttm": 77.9462, "pb": 6.7844, "dv_ttm": 0.0886, "total_mv": 5435800.9566, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [30.2, 19.2, 21.8, 22.1, 20.8, 22.8], "rev_series": [63.9, 75.8, 85.9, 75.5, 87.4, 89.1], "np_series": [9.7, 5.1, 6.5, 5.2, 6.6, 7.1], "roe_series": [19.0, 8.8, 10.3, 7.7, 9.2, 9.3], "period": "20260630", "rev_ttm": 92.4, "np_ttm": 7.0, "ocf_ttm": 10.5, "fcf_ttm": -0.9, "fcf_yield": -0.2, "ocf_yield": 1.9, "gm_median": 21.8, "gm_std": 1.3, "gm_stab": 0.94, "gm_chg_2022": -8.4, "npm_median": 7.5, "roe_median": 9.2, "commodity": false, "hard_ratio": 27.4, "fix_assets": 40.7, "goodwill_ratio": 6.6, "pb_calc": 6.78, "capex_dep": 2.4, "interest_debt": 37.0, "debt_ebitda": 2.0, "debt_ratio": 46.2, "debt_mv": 6.8, "payout": 7.3, "div_years": 5, "rev_cagr3": 1.2, "np_cagr3": 3.0, "rev_yoy": 8.9, "np_yoy": -7.0, "np_vol": 29.2, "loss_years": 0, "far_share": 94.0, "earn_yield": 1.3, "consensus_n": 3, "fwd_pe": 50.2, "fwd_pe2": 32.9, "fwd_g1": 55.0, "fwd_g2": 52.0, "peg": 0.97, "consensus_disp": null, "mainbz": [["移动终端天线及附件", 33.0], ["射频零、部件", 33.0], ["产品", 33.0]], "ret_prev_year": 144.5, "ret_prev2_year": 8.3, "ret_ytd": -9.3, "ret_pivot": 216.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -17.5, "ret_60": -43.4, "ret_120": -12.3, "ret_250": 108.6, "mdd_250": -52.9, "vol_250": 84.4, "pos_52w": 47.1}, "S": {"duration": 86, "pricing": 48, "hard": 44, "bondness": 28}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 77.9 倍、股息率 0.1%、毛利率近 5 年中位 21.8%、固定资产占比 27%、有息负债/EBITDA 2.0 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 27%,毛利率近 5 年中位 21.8%。", "加息期怎么走": "按行业与估值常规看,没有明确的利率方向性。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -0.2%(经营现金流/市值 1.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 21.8%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -8.4 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 27%,资本开支/折旧 2.40 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 77.9 倍 粗算,约 94%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "价格行为": "近一年 109%,最大回撤 -53%,年化波动 84%,现价在 52 周高点的 47%;近 20 / 60 / 120 日 -18% / -43% / -12%。", "行业对照": ["同申万二级「消费电子」100 家中位:PE 46.5 / 股息率 0.7% / 毛利率 20.3% / 固定资产占比 25% / 分红率 44%。", "信维通信:PE 比行业中位高 31.4倍;股息率 比行业中位低 0.6个百分点;毛利率 比行业中位高 1.5个百分点;固定资产占比 比行业中位高 2.6个百分点。"]}}